New Delhi:
If the European Union proceeds with its plan to impose carbon tax on Indian products, India implemented retaliatory duties, said by Commerce and Industry Minister Piyush Goyal on Tuesday.
Under the European Union’s Carbon Border Adjustment Tantra (CBAM), Indian exports of steel, aluminum and cement for the European Union can withstand a tariff of 20–35 percent.
He said that negotiations about climate gradually decreases and CBAM is called “very irrational rules”.
The minister said that developed countries should share technologies and finances for developing and least developing countries to deal with issues related to climate change.
“If they will put in carbon tax, and now there is a bigger reasons. If they put it, we will retaliate. They will put it on products that will actually harm their economy and cause vengeance to their economy more,” Mr. Goyal said at a ceremony here.
He said, “I think it will be very foolish to impose taxes especially on friendly countries. I am in constant communication with them and I hope that intelligent understanding will be strong in the European Union countries.”
An official said that if Britain imposes carbon tax on Indian goods, India can also retaliate.
Recently during a visit to London, Oslo and Brussels, Mr. Goel reduced concerns over carbon tax.
The official said, “The minister had expressed concern about the CBAM and clearly stated that India would retaliate. We have told them this.”
On the proposed Indo-American bilateral trade agreement, Mr. Goyal said that the talks are going well.
“… 83,000 USD per capita income, which can produce America, can never compete with Indian goods … and there are many techniques and innovations and products that are not available in India, which I will buy from America compared to many other non-market economies,” he said.
The talks for the treaty are going “well” well, he said, this is a great opportunity for the two countries to come together.
He said, “I am looking at the conversation very well. By 2030 we have a target of 500 bilateral trade and I think we are progressing in the right direction to achieve it.
On the climate issue, Mr. Goyal said that the promises made by the developed nations in the Paris Agreement have been largely incomplete.
“Since 2015, the major issue has been not only climate change, but also has a failure of the developed world to distribute the support under technology transfer, long -term concessional climate financing, and general but differential responsibilities (CBDR),” he said.
Despite supporting 17 percent of the world’s population in India, only 3-3.5 percent of global carbon emissions.
The minister emphasized the important need to address the root causes of carbon emissions, especially overlapping and waste.
He said, “Additional consumption, especially in high -prone nations, leads to systemic carbon emissions from form to plate.
He said, “We have the lowest emissions towards us. Nevertheless, the developed world has left us in Larch,” he said, “Europe will harm its own future with these carbon imports. Europe needs to address its huge amount of waste in the country. However I am not worried, because they can implement our economy.”
(Except for the headline, the story has not been edited by NDTV employees and is published by a syndicated feed.)
